NREF vs PDM: Correlation
Measured on weekly returns over the past three years, NexPoint Real Estate Finance, Inc. (NREF) and Piedmont Realty Trust, Inc. (PDM) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NREF and PDM?
Over the past 3 years, NREF and PDM moved with a correlation of 0.57, which is moderate. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 572.2 %².
Among the 12 assets we track against NREF, PDM ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NREF ahead by 16.0 points (+32.0% versus +16.0%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
NREF vs PDM: side by side
| NREF (NexPoint Real Estate Finance, Inc.) | PDM (Piedmont Realty Trust, Inc.) | |
|---|---|---|
| 1-year return | +32.0% | +16.0% |
| 5-year return | +54.2% | -29.9% |
| Volatility (ann.) | 28.5% | 35.3% |
| Beta vs S&P 500 | 0.63 | 0.95 |
| Max drawdown (3Y) | -24.0% | -46.4% |
| Market cap | $0.4B | $1.2B |
| P/E (trailing) | 7.3 | – |
| Dividend yield | 11.63% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NREF | PDM |
|---|---|---|
| 2022 | -8.9% | -46.8% |
| 2023 | +17.4% | -14.8% |
| 2024 | +13.5% | +37.2% |
| 2025 | +2.3% | -7.3% |
| 2026 | +32.1% | +16.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NREF and PDM good diversifiers for each other?
Only partially. A correlation of 0.57 means NREF and PDM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NREF and PDM?
As of 2026-08-27, the correlation of weekly returns between NREF and PDM is 0.57 over 3 years, 0.54 over 1 year and 0.53 over 5 years.
Is PDM a good diversifier for NREF?
Only partially. A correlation of 0.57 means NREF and PDM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 mean?
A reading of 0.57 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nref-vs-pdm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nref-vs-pdm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NREF correlations · PDM correlations
